Ernst & Young, administrator to the Leeds-based group, said the 121 shops would continue to trade while it looks for a buyer for the business. But it added that it had made 150 staff redundant at the Leeds headquarters.

Republic, which started as a men's denim retailer in 1986 under the Best Jeans brand in Leeds, was hit by a 'sudden and rapid decline' in sales at the end of last month after poor trading results over the autumn.

Administrator Hunter Kelly said:
'Republic suffered poor trading results in the autumn, and whilst sales
picked up in December there has been a sudden and rapid decline in sales
in late January.

He added: 'We will continue to trade
Republic, with a view to selling the business as a going concern. The
brand Republic is well recognised, particularly in the North. It has a
powerful website offering, owns well-known brand names, and has some
very attractive and profitable stores.'

The sizeable but undisclosed stakes of founders Tim Whitworth and Carl Brewins are at risk.Three
weeks ago, accountant KPMG was brought in to try to formulate a rescue
plan for the chain, after sales are understood to have plummeted over
the Christmas period.

Its
young customers have been hit hard by the downturn, but the firm, which
is predominantly based in the north of England, has also been slow to
compete with rivals with a meaningful website.

Britain’s High Street has been rocked by a spate of recent failures. Camera specialist Jessops, music chain HMV, and movie rental firm Blockbuster have all waved the white flag this year, although the latter two remain trading.

KMPG had been charged with trying to shrink Republic’s store portfolio after a turnaround plan instigated by former TK Maxx boss Paul Sweetenham failed to gain traction.

The firm dates back to 1985 when Whitworth joined as a Saturday boy. Then it was known as Just Jeans and the small retailer changed its name to Best Jeanswear in 1990. It became Republic in 1998.

In 2005, private equity firm Change Capital took a stake to help grow the chain, and in 2010 TPG snapped it up for £300m appointing Sweetenham as chief executive while Whitworth gave up day-to-day control.

Around £20m was invested by Bond, Sweetenham and TPG.

Ernst & Young has set up a helpline for customers on 0113 298 2450 and the e-mail address republicinadmin@uk.ey.com.